New FASTag KYC rules from August 1, 2024: Check if your FASTag will be valid

New FASTag KYC rules: The National Payments Corporation of India (NPCI) has introduced updated regulations, specifically targeting FASTag KYC (Know Your Customer) standards, which must be adhered to from August 1, 2024. According to NPCI, the deadline for fulfilling the KYC requirements outlined in the new FASTag guidelines is October 31, 2024.

The National Payments Corporation of India (NPCI) has announced new guidelines, with a focus on FASTag KYC (Know Your Customer) standards that must be followed beginning August 1, 2024.

The deadline for completing Know Your Customer (KYC) under the new FASTag regulations is October 31, 2024, stated the National Payments Corportation of India (NPCI) in a notification from June 2024. By this date, FASTag service providers must finish KYC for every FASTag that was granted three to five years ago.

All tags issued from 1st August 2024 will comply with the following mandatory requirements, as per the NPCI notification.

a) Every issued tag is linked to a unique VRN and chassis number. In case of new vehicles where VRN is not available, chassis number is mandatory. Issuers to ensure that the VRN is updated within 90 days and in case there is failure to update the VRN, Issuer shall move such tags to Hotlist. In case there is no VRN update even within 30 days from Hotlisting the tag, Issuer shall close these tags with the reason of non-compliance.

Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Applications with ChatGPT" width="300" height="80" />

Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program

Web Development Mastering Full Stack Development: From Frontend to Backend Excellence By - Metla Sudha Sekhar, Developer and Lead Instructor View Program

Finance Financial Literacy - TDS, Budget, Income Tax Act, GST, Indirect tax By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer View Program

Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor at Haas School of Business View Program

HR & People Management Human Potential and the Future of Employment By - Lynda Gratton, Co-chair of the World Economic Forum Council on Work, Wages and Job Creation, Professor of Management Practice View Program

Strategy ESG and Business Sustainability Strategy By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader View Program

Finance Financial Reporting and Analytics By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program

Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program

c) Each issued tag is associated with clear images of the vehicle (front with tag affixed & side with axle and a clear picture of the tag)
d) Each tag is linked to a mobile number. Issuers to ensure appropriate KYC associated with the mobile number.

• KYC shall be performed as per regulatory guidelines.
• Transactions will not be permitted on unregistered tags
• Issuers to follow this process on staggered manner. First enable Re- KYV process for Tags which are in hotlisted category and customers aren’t having documents as per this guideline
• Re-KYV process is to be done every 3 years. However, in case tags are in hotlist and deficiencies are observed in terms of documentation/KYV details, re-KYV process is to be undertaken by Issuers.
• Issuers to ensure that appropriate mechanism is in place to identify and replace faulty/damaged tags.
• All issued tags which are more than 5 years old are to be replaced by the Issuer on best effort basis. Issuers to identify cases of manual entries against their issued tags and shall ensure that such cases are not due to faulty/damaged tags. Immediate replacement of such tags shall be done by the Issuers.

• Issuers to ensure that the VRN is updated within 90 days and in case there is failure to update the VRN, Issuer shall move such tags to Hotlist. In case there is no VRN update even within 30 days from Hotlisting the tag, Issuer shall close these tags with the reason of non-compliance.
• All tags shall be verified with VAHAN database or Issuer shall verify the tags.
• Each issued tag is associated with clear images of the vehicle (front with tag affixed & side with axle) and clear image of the issued tag.
• Each tag is linked to a mobile number. Issuers to ensure appropriate KYC associated with the mobile number.
• The target date for the above compliance is 31st October 2024. All tags issued by the Issuers that do not comply with the above point 1 shall be blacklisted by the Issuer and no transaction can be done on such tags.

Read More News on

Subscribe to The Economic Times Prime and read the ET ePaper online.

Read More News on

Subscribe to The Economic Times Prime and read the ET ePaper online.

Videos

• Rohingya infiltration major threat to Jharkhand: PM
• 'Want to give 'agnipariksha'…will resign as CM': Kejriwal

• Railways Budget 2024Interim Budget 2024Budget 2024 New Tax RegimeIncome Tax in Budget 2024
• DA HikeSensexNiftyCanara Bank App
• Financial FreedomSenior citizen bank FDMahila Samman Savings CertificateSBI home loan
• SBI Loan Interest RatesSavings Account Interest RatesRBI floating rate bondsSmall saving schemes
• TCS RatesCBDTEPS pensionRs 2,000 note deposit rules
• Small Savings SchemesRs 2,000 notes Exchange Date2000 notesPM Kisan Status
• EPSEPFOBank HolidayPM Kisan eKYC Verification Deadline
• Budget 2023Long Weekend Holidays 2023

Popular in Wealth

• Public holiday change: No transactions, settlements in govt securities, forex, money markets on September 18, 2024, says RBI
• UPI transaction limit set to change from next week; check new limits for different UPI payments
• Planning to retire in 10 years? Know how a Rs 23,000 monthly investment can help you in your retirement
• Eid-e-Milad-un-Nabi bank holiday September 2024: Are banks closed or open on Monday, September 16?
• What is the deadline for income tax audit for FY 2023-24 and who needs to file audit report?

Latest from ET

• Major overhaul is in the works to meet India's future cash needs
• Who after Kejriwal? Top contenders for Delhi CM
• Kejriwal to resign; says ready to give 'agnipariksha'